I've been down that road too but Mike will explain the process to you in greater detail. When you are ready, I would be happy to work with you to find the right property. Feel free to contact me: mg@michaelgarden.com

I would think you have to qualify for FHA before you can purchase the house. Maybe you mean how long after you make the application and that is about 45-60 days under normal situations. Delaying getting materials the lender asks for makes it take longer. Yes, 2 non married people can get an FHA. Speak to a lender to get better answers with your situation.... more

If the 2nd mortgage was taken out more than 12 months ago, then refinancing and paying both mortgages off would be considered a "rate & term" refinance instead of a "cash-out" refinance, and to my knowledge, it should be OK for an FHA 203k streamline (I am not an expert on the 203k version of FHA, but the regular 203b & 234c versions of FHA would view it that way, and I don't see where it says a 203k refinance transaction would be treated differently). If it was obtained within 12 months, then paying it off would be considered a "cash-out" refinance and that would be limited to 85% LTV. I'll see if I can get an FHA 203k expert here for you.... more

Closing costs can run anywhere from 2%-3% of purchase price, depending on your loan fees, title insurance, pre-paid items for taxes & insurance, etc. BUT, you can often get the seller to pay all or part of your closing costs. This is why you need a Realtor working for you as a Buyer's Agent. He/she will handle all of the negotiations for you. Having a buyer's agent doesn't cost you anything, as their commission is typically paid by the seller. If you need the name of someone in your area, let me know. Good luck!... more

How are you? Thank you for your inquiry. We have a direct lender that we use that does 203K FHA loans. And there is this one Senior Loan officer that is especially specialized in 203K loans. Here's his contact info:

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A referral from you would be the biggest compliment you could give me!
If you're interested, please ask me for your FREE Local Market Report for home values in your area!... more

Andrea,
There is no reason to sign up for one of those companies. First, you are entitled to a free copy of your credit report every year. If you are trying to track your score as it changes, you can do one every 4 months and get a sense of the changes, although each will vary from the start.
As a lender I've met with clients early in the process and assisted them in getting their credit issues resolved. In general it starts by creating a budget so you can track your expenses. A copy of your report will allow you to determine if there are errors you can correct and which accounts to focus on paying down.
Speak to a local mortgage lender and see if you can find someone willing to help. Best of luck.... more

Yes, I'm pretyy sure there're stil hard money lenders out there but the last 2.5 yrs, I haven't use any of them. Very tough criteria, high interest (@ 12%- 20%), and often charges at least 3-5 points. My best advivices is to fix your credit and hopefully within 12 - 24 months, you should be able to go regular route. You don't have to pay them off, just make payment arrangement with them and pay it on time for at least 12 months....then you should be ok. Hope this help. Pls call or email me for any additional questions. 215-816 2054 "Kevindtran123@Yahoo.com". Thank you. Kevin... more

It sounds to me that you would qualify for a mortage, but if you'd be willing to speak with my financial loan officer she will be able to determine the answer quickly. Email me your pone number and/or email and I wll reach out to you tomorrow.

You can try a Lease purchase program. That is were you sell your house to a investor and pay back it back in monthly rent installments. You have to be placed into a credit and budget program to help you out. Then once you are back on your feet you can repurchase the house back off the investor. If interested I may have a program that may be interested in helping you. However 8 months of back morgage is a lot to overcome. Good luck.... more